Transaction Management Ops Team Lead

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
This job is responsible for overseeing the day-to day transaction processing operations function, and ensuring the team executes operations tasks with accuracy, timeliness and quality service. Key responsibilities include employee training, coaching, addressing employee inquiries, escalations, approvals, and team supervision ensuring accurate process execution. Job expectations include maintaining service quality, accuracy and escalating issues to management, as needed.

Responsibilities:

• Manages team workflow across various systems and provides process oversight and direction for accurate and timely completion of deliverables
• Provides day-to-day training and coaching to team while addressing employee inquiries and escalations
• Monitors team service levels, volume, performance metric reporting, escalating concerns where appropriate
• Conducts quality assurance reviews and provides routine supervisory manager approvals
• Researches complex operational and client requests, issues, and escalations to identify root cause and assist with remediation efforts and solutions
• Reviews processes to ensure effectiveness, and recommending process improvement and risk mitigation opportunities to senior management
• Supports risk management and audit processes, including identification of issues, development of mitigation strategies, and exam preparation

Line of Business Job Description:

The Investment and Monetary Controls Teams play a significant role within Global Wealth & Investment Management and Private Bank. Our dynamic department is responsible for the custody and settlement of assets, as well as the invoicing and collection of revenue and sub-accounting services such as recordkeeping. Our teams are relied heavily upon for participation in projects and initiatives that help promote responsible growth for the business and our Clients. We focus on minimizing risk and promoting a positive Client experience. Teams interface daily with Financial Advisors, Investment Managers and Internal and External Business partners to provide all manners of operational support for Merrill Lynch and Private Bank accounts. 

Opportunities exist for team members to develop leadership, project management and technological skills.  We offer excellent career development opportunities to foster skills and talent.

The Balancing and Reconciliation Department’s responsibilities include but are not limited to the following:

• Manages the relationships and sub-accounting services for over 30,497 securities representing domestic and offshore Mutual Fund, Alternative Investment and Money Market positions
• Perform Transfer Agency and Sub-Accounting services that generate over $1 billion dollars on an annual basis
• Resolves Cash and Position discrepancies in over 600 Settlement and Custody ledger accounts for Mutual Funds and Alternative Investments
• Mitigates risk by supporting the accuracy of cash settlement, custody oversight, and dividend distributions for Mutual Fund, Alternative Investment and Money Market positions for U.S. Trust and Merrill Lynch Clients
• Provides Supplemental Data Reporting Services to improve operational efficiency for 74 Fund Groups
• Ensures a positive Client experience by delivering Clearance, Settlement, and Custody Services for 11.4 million domestic and foreign trades, 1.5 million corporate actions and 12.3 million income payments annually

The duties of this particular role include, but are not limited to:

• Monitor and analyze daily outages due to discrepancies for trades, corporate actions and non-trade transactions
• Make sure that Department standards are met and that updates are provided